The MegaETH public sale, overseen by Superior Performance Limited, has garnered $1.001 billion on October 30, significantly surpassing its $50 million cap just hours before closure.
This overwhelming demand underscores robust investor interest, with potential impacts on Ethereum’s ecosystem assets and liquidity, reflecting the community’s anticipation of a scalable blockchain solution.
The MegaETH public sale managed to raise a reported $1.001 billion in bids against an actual $50 million cap. This sale, facilitated on the Sonar auction platform, garnered widespread attention with a 20x oversubscription. Key players such as Joseph Lubin and Vitalik Buterin, alongside Web3 VC Dragonfly, have been involved in supporting roles within the Ethereum ecosystem.
Viewed as a reflection of robust market demand, the additional 950 million in bids are a proxy for investor interest in Ethereum Layer-2 solutions. With payment strictly in USDT on the Ethereum mainnet, the auction has activated extensive USDT flows across its main blockchain.
Influencers and crypto industry figures, including Cobie, have expressed enthusiasm for testing the auction format. Cobie (Jordan Fish), Founder, Sonar, “Excited to see the MegaETH auction format tested at scale — aligning wider community incentives and fair market price discovery.”
Did you know? Plasma network’s token sale in July achieved $373 million, indicating strong demand for Ethereum Layer 2 solutions amidst crypto market volatility.
Ethereum’s current price is $3,941.47, with a market cap of $475.73 billion, as per CoinMarketCap. The 24-hour trading volume has increased by 48.59%, reflecting increased activity in the Ethereum ecosystem. This price has varied over the past 90 days, showing a 1.32% 24-hour decline.
The Coincu research team highlights that the MegaETH sale may set precedents for future Ethereum-related fundraising events. They note possible regulatory scrutiny given the scale of inflows. The auction’s oversubscription aligns with historical demand trends for Ethereum scaling solutions, despite broader market uncertainties. For more on cryptocurrency regulations, see this detailed overview of the EU’s MiCA regulations on cryptocurrency.
